Revolut Urged to Set Up Subsidiary in Hungary
- 14 Nov 2023 12:30 PM
- Hungary Around the Clock
The MNB has again warned Lithuania-based cross-border financial services provider Revolut to establish a Hungarian subsidiary, arguing that the growing number of the company’s clients here along with the rising number of frauds warrant such a step.
The MNB has repeatedly urged Revolut to set up a local unit, as the settlement of disputes for Hungarian clients in cases of fraud is very cumbersome, in part because they can only submit complaints in writing in Lithuanian or English.
Hungary is the second-largest market for Lithuania’s Revolut, with one million clients and Budapest, with 365,000 clients, ranks third among regional cities.
The company, operating as a cross-border electronic financial services provider, has 10 million clients in the region.
The MNB stressed that it welcomes innovative financial solutions but underscored the need to protect consumers.
XpatLoop Media Partner
LATEST NEWS IN business